- January 01, 1993
- All Virginia Agents of Stewart Title Guaranty Company
Enclosed please find an article entitled "The new RESPA Police". Review this article and analyze your agency's operations in light of the article.
Note that your agency must be concerned about the impact of the Real Estate Settlement Procedures Act on your business activities even if you only operate a title shop - i.e., your agency does not conduct real estate settlements. Be reminded that Virginia also has an "anti-kick-back" statute (Va. Code sec. 38.2-4614), which prohibits certain payments in any title insurance transaction, not just those related to "federally related mortgage loans" as does RESPA.
Also, you need to be aware that your agency's underwriting agreement with Stewart Title Guaranty Company requires that you conduct your title business "in a sound and ethical manner" and in accordance with rules and instructions of STGC, the Department of Insurance, and any "other regulatory body". We understand Virginia may adopt new regulations on title insurance and we will notify you as any new regulations are adopted.
Should your agency be the subject of any State or HUD investigation (or any other governmental entity), please advise your District Manager immediately. Stewart supports you and all of its agents in the lawful practice of title insurance. Stewart will assist, as may be feasible, in such investigation. Such assistance cannot include, however, the provision of legal counsel or expenses incurred by you due to an investigation.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
- Bulletins Replaced:
- Related Bulletins:
- Underwriting Manual:
- 17.04 Real Estate Settlement Procedures Act (RESPA)
- Exceptions Manual: